ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a one-year, $1.4 million loan for the purchase of a multi-tenant retail property in Arlington known as Lake June. The interest-only loan was closed at a 72 percent loan-to-value ratio. The loan was arranged through one of BMC Capital’s correspondent lending relationships.
SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.
ST. PAUL, MINN. — Dougherty Funding LLC has provided an $18.2 million loan for an 11-story, 155,511-square-foot mixed-use building. Lowery Building LLC will use the loan proceeds to refinance and renovate the building. Lowery Square Building was constructed in 1926. The building previously operated as the Lowery Hotel and currently contains 135 apartment units, three floors of office space leased to the Ramsey County Attorney’s Office and to-be-built first-floor and rooftop restaurants. The building is connected to the downtown St. Paul skyway system and is located in the St. Paul central business district.
HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.
PASADENA, TEXAS — Ryan Watson of Q10 KDH has arranged permanent financing through Q10’s Freddie Mac small balance loan program for the Bella Sol Apartments in Pasadena. The property was constructed in 1963 and renovated in 2008. It contains 53 units and is 100 percent occupied.
BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.
WASHINGTON, D.C. — GFI Realty Services LLC has arranged $21 million in financing for retail and office space located in Washington, D.C.’s historic Georgetown district. Located at 3521 Prospect St. N.W. and 3222 North St. N.W., the properties total 54,500 square feet and comprise 42,500 square feet of retail space and 12,000 square feet of office space. One of the tenants includes Café Milano, an upscale Italian eatery. Daniel Lerer and Will Watkins of GFI Realty’s finance group arranged the long-term, fixed-rate financing in two separate loans through an Indianapolis-based life insurance company on behalf of the borrower, Robert Elliott.
MEMPHIS, TENN. — KeyBank Real Estate Capital has provided two loans totaling $20 million for the acquisition of two affordable housing apartment communities in metro Memphis. The financing included a $4.1 million loan for Pinebrook Pointe Apartment Homes in Memphis and a $15.9 million loan for Angelo’s Grove Apartments in Marion, Ark., a suburb of Memphis. These communities are two of the five properties that the borrower, Peak Capital Partners LLC, is planning to buy in the Memphis area. Irena Edwards and Alex Buecking of KeyBank’s community development lending division arranged the financing.
MORGANTOWN, W.VA. — Campus Evolution Villages has refinanced Campus Evolution Villages Morgantown, a 924-bed, 280-unit student housing property located minutes away from West Virginia University. Each unit is fully furnished and features private bedrooms and bathrooms for each resident. Amenities at the center include a newly renovated clubhouse with a 24-hour fitness center, resort-style pool with hot tub, volleyball court, sun deck, basketball court, 24-hour computer lounge, tanning beds and a free shuttle bus service to West Virginia University’s downtown, Evansdale and Health Sciences campuses. Steven Vornea with JL Hunter arranged the financing for CEV.
HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.